As an executive at investment bank Drexel Burnham Lambert Inc. during the 1980s who used high-yield junk bonds for corporate financing and mergers and acquisitions. Michael Milken amassed an enormous personal fortune, but in 1989 he was indicted by a federal grand jury and eventually spent nearly two years in prison after pleading guilty to charges of securities fraud. While he is credited with founding the high-yield debt market, he was banned for life from the securities industry. Nicknamed "The Junk Bond King" in the 1980s, Milken earned between $200 million and $550 million a year at the height of his success. Following his release from prison, he worked as a strategic consultant. This was in violation of his probation, and he was subsequently fined $42 million for these actions. In 1993, Milken was diagnosed with prostate cancer; since then, he has devoted much of his time and resources to the pursuit of a cure for the disease.
A type of employee stock option with a tax benefit, when you exercise, of not having to pay ordinary income tax. Instead, the options are taxed at a capital gains rate. Although ISOs have more favorable tax treatment than non-qualified stock options (NSOs), they also require the holder to take on more risk by having to hold onto the stock for a longer period of time in order to receive the better tax treatment. Also, numerous requirements must be met in order to qualify as an ISO.
A stock mutual fund that primarily holds stocks that are deemed to be undervalued in price and that are likely to pay dividends. Value funds are one of three main mutual fund types; the other two are growth and blend (a mix of value and growth stocks) funds. Every large mutual fund family has a value fund component in which funds are often broken down by size. For example, a fund family may include small-, mid- and large-cap value funds for investors to choose from. The premise of value investing is that the market has inherent inefficiencies that enable companies to trade at levels below what they are actually worth. In theory, once the market corrects these inefficiencies, the value investor will see the share price rise. A common misconception is that value investors simply seek out stocks with low price/earnings ratios. Although this can be a characteristic of an undervalued company, this is not the sole feature that astute value investors seek.
A United Nations agency that strives to serve as a uniting force between governments, businesses and workers to “promote decent work throughout the world.” The organization was founded on the belief that peace in the workplace is essential to prosperity; it emphasizes the need for workers to enjoy “conditions of freedom, equity, security and human dignity” through their employment. For nearly 100 years, the ILO has promoted international labor standards through its field offices in Africa, Latin America and the Caribbean, the Arab States, Asia and the Pacific, and Europe and Central Asia. The organization provides training on fair employment standards, provides technical cooperation for projects in partner countries, analyzes labor statistics and publishes related research, and regularly holds events and conferences to examine critical social and labor issues. The ILO was awarded the Nobel Peace Prize in 1969. |||The ILO has 18 themes that drive its work:• Child labor• Decent work• Economic and social development• Employment promotion• Employment security• Equality and discrimination• Forced labor• Freedom of association and the right of collective bargaining• HIV/AIDS• Individual sectors and industries• Labor law• Labor migration• Safety and health at work• Skills, knowledge and employability• Social security• Workers and employers organizations, tripartism and social dialog• Working conditions• Youth employment
From the Greek megas, meaning great, this expression refers to a business deal that entails a great deal of money. Mergers and acquisitions that involve substantial amounts of money are examples of mega deals that occur with frequency in the business world. Although much merger activity happens on an ongoing basis, mega deals involve well known, established companies. Oracle's acquisition of Sun Microsystems in a deal valued at more that $7 billion is an example of a mega deal. Such deals usually create a dominant player in the industry, or are intended to create a well-situated conglomerate.
A set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board. IFRS are sometimes confused with International Accounting Standards (IAS), which are the older standards that IFRS replaced. (IAS were issued from 1973 to 2000.) |||The goal with IFRS is to make international comparisons as easy as possible. This is difficult because, to a large extent, each country has its own set of rules. For example, U.S. GAAP are different from Canadian GAAP. Synchronizing accounting standards across the globe is an ongoing process in the international accounting community.
A slang term that describes a large, opulent house that may be generic in style and represents a good value for a homebuyer in terms of its size. This type of home is built to provide middle and/or upper middle class homeowners with the luxurious housing experience that was previously only available to high-net-worth individuals. The McMansion term is as a play on McDonald's fast food restaurants, as these homes also represent the pervasiveness and excessive consumption that critics often associate with Mcdonald's. McMansions are often considered a status symbol because their size (often in excess of 3,000 square feet) may exceed the amount of space that shrinking modern families actually need or can afford to maintain. Many McMansion homeowners live beyond their means as mortgages on these monstrous properties may be 100% mortgages, interest-only mortgages and/or amortized over 40 or more years. The cost of utilities and maintenance in a larger home are also more significant, as is the cost of commuting from the distant suburban settings in which these homes are often located.
An investment company that offers a fixed, unmanaged portfolio, generally of stocks and bonds, as redeemable "units" to investors for a specific period of time. It is designed to provide capital appreciation and/or dividend income. Unit investment trusts are one of three types of investment companies; the other two are mutual funds and closed-end funds Each unit typically costs $1,000 and is sold to investors by brokers. UITs can be resold in the secondary market. A UIT may be either a regulated investment corporation (RIC) or a grantor trust. The former is a corporation in which the investors are joint owners; the latter grants investors proportional ownership in the UIT's underlying securities.
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